REG-Pacific Assets Trust plc: Half-year Report
02/10/2025 07:02
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 which forms part of domestic law in the United Kingdom
pursuant to The European Union Withdrawal Act 2018, as amended by The Market
Abuse (Amendment) (EU Exit) Regulations 2019.
Pacific Assets Trust plc
(the “Company”)
Unaudited Half Year Report
for the six months ended 31 July 2025
Financial Highlights
As at As at
31 July 31 January
2025 2025 % change
Share price 354.0p 358.0p (1.1)%
Net asset value per share 397.2p 417.5p (4.9)%
Discount of share price to net asset value per share 10.9% 14.4%
Market capitalisation £418.8m £431.7m (3.0)%
Shareholders’ funds £470.0m £503.4m (6.6)%
Six months to One year to
31 July Six months to 31 January
2025 31 July 2024 2025
Share price (total return)*^ 0.3% 11.8% 3.7%
Net asset value per share (total return)*^ (3.7)% 10.8% 9.7%
CPI + 6% 1 5.5% 4.5% 8.8%
MSCI All Country Asia ex Japan Index (total return, sterling adjusted)* 9.5% 14.9% 22.3%
Average discount of share price to net asset value per share^ 12.2% 10.4% 11.5%
Ongoing charges^ 1.1% 1.1% 1.1%
* Source: Morningstar.
^ Alternative Performance Measure (see Glossary).
1 UK Consumer Price Index + 6% (see Glossary). Figures for six month periods
are calculated on a pro rata basis.
Year ended Year ended
Dividends 31 January 2025 31 January 2024
Final dividend per share 4.9p 4.0p
Chair’s Statement
Returns
Over the past six months, the global trade landscape has undergone a dramatic
shift, with sweeping tariff measures introduced by the United States
triggering widespread repercussions across Asia.
These actions have disrupted long-standing supply chains, accelerated
strategic decoupling, and prompted Asian economies to reassess their trade
dependencies. Businesses across the region are grappling with rising costs,
reduced export competitiveness, and the urgent need to diversify markets and
localise production.
Remarkably, China has demonstrated notable resilience in the face of these
tariffs. Despite a sharp drop in exports to the U.S., China’s overall export
growth has exceeded expectations, driven by a strategic pivot toward
alternative markets, an emphasis on domestic consumption, targeted fiscal
stimulus, and industrial upgrades.
The Company’s net asset value (“NAV”) total return for the six months to
31 July 2025 was -3.7% (2024: +10.8%). This compares with the Company’s
performance objective of UK CPI +6%, which was +5.5% over the period, and the
return of +9.5% from the MSCI All Country Asia ex Japan Index (total return,
sterling adjusted). Over the last five years the Company’s annualised NAV
total return of +7.7% remains below the objective of UK CPI +6%, which stood
at +11.6% over the same five-year period.
This underperformance is clearly disappointing and the Board recognises that
recent returns have not met shareholder expectations. Our Portfolio
Manager’s long-term philosophy, which prioritises capital preservation, high
governance standards, and sustainable growth over short-term momentum, has
meant avoiding certain areas of the market where recent rallies have been
driven by companies which do not meet these investment criteria.
Performance has also been impacted by a correction in several Indian holdings,
which had previously delivered strong gains. While this has weighed on
short-term results, the Portfolio Manager believes that the underlying
fundamentals of these businesses remain compelling, and we believe they are
well-positioned to benefit from India’s long-term growth trajectory.
While the portfolio remains overweight Indian equities and underweight Chinese
equities, the portfolio is nonetheless evolving. The geographical allocation
is gradually becoming more balanced as high-quality opportunities emerge in
China, as well as India and across the broader region. Furthermore, recent
portfolio adjustments (both additions and deletions) reflect a considered
evolution of the Company’s holdings, with increased exposure to domestic
champions and long-term growth franchises across the region, and a deliberate
reduction in export-related risk.
Further analysis of the Company’s performance over the past six months can
be found in the Portfolio Manager’s Review.
Share Price Performance
During the period, the Company’s share price fell from 358p to 354p, a small
decline of 1.1%. The Company’s shares traded at an average discount of
12.2% during the period (2024: 10.4%). This compares to the average discount
of 9.7% at which the Company’s closed-ended peers traded and the average
discount of c14.0.% across the investment trust sector as a whole (excluding
3i). The share price discount narrowed from 14.4% to 10.9% during the period.
As a result, the share price total return of 0.3% exceeded the NAV total
return.
Strategic Initiatives
To strengthen the Company’s competitive positioning and deliver greater
value to shareholders, the Board is pleased to announce that it will implement
the following package of strategic initiatives.
Reduction in portfolio management fees
We have agreed with Stewart Investors a reduction in the portfolio management
fee, with effect from 1 October 2025, from a flat 0.85% per annum of NAV to a
tiered structure based on the lower of the Company’s market capitalisation
and NAV, set at 0.75% per annum on the first £500 million and 0.65% per annum
thereafter. This change reflects the evolving competitive landscape within the
investment trust sector and introduces meaningful economies of scale.
Conditional tender offer
We are introducing a performance related tender offer (the “Conditional
Tender Offer”), under which up to 25% of the Company’s issued share
capital may be tendered at the prevailing NAV per share at the time of
purchase (adjusted for costs) less 2%. The tender will be offered, subject to
shareholder approval, in three years’ time if the Company’s NAV total
return (on a cumulative basis) over the seven year period ending 31 October
2028 (the “Assessment Period”) falls short of the sterling-adjusted total
return of the MSCI AC Asia ex Japan Index (the “Index”), plus 0.5% per
annum.
To minimise the “spot risk” inherent in measuring performance between
discrete calculation dates, performance over the Assessment Period will be
measured using the Company’s average seven year NAV total return over each
of the trading days in the final month of the Assessment Period, being October
2028, against the average total return of the Index, plus the 0.5% per annum
hurdle, over the same period.
The Board believes the Assessment Period provides an appropriate timeframe for
the Company and its Portfolio Manager, which has a long-term investment
approach, to deliver outperformance of the Index. Of the proposed Assessment
Period, just under four years have elapsed. From the start of the Assessment
Period (1 November 2021) to 30 September 2025, the NAV total return was 9.3%,
against 19.9% for the Index. By incorporating the earlier underperformance
into the Assessment Period, the Conditional Tender Offer will be triggered
unless the Portfolio Manager is able to make up the historical
underperformance and exceed the Index, plus the hurdle, over the remaining
three years.
Notwithstanding Index underperformance measured over shorter time periods, the
Company has outperformed the Index over the longer term. The Company
outperformed the Index over the five years ended 31 July 2025, with a NAV
total return of 44.6% against 28.0% for the Index. On the same basis, over the
seven years to 31 July 2025, the Company returned 49.5% against 39.3% for the
Index.
As such, the Board continues to be supportive of the Portfolio Manager, with
its clearly articulated absolute return mindset and bottom-up approach to
allocating capital over the long term to quality companies in the Asia Pacific
region, which contribute to and benefit from sustainable development, whilst
minimising downside risk. The introduction of the Conditional Tender Offer
will not impact the Portfolio Manager's investment process, strategy and
management of the portfolio.
The Conditional Tender Offer is contingent on the Company having the requisite
shareholder approval to introduce the Conditional Tender Offer at the relevant
time.
Proactive discount management
During the six months to 31 July 2025, the Company repurchased 2,270,000
shares (representing 1.9% of issued share capital), at a total cost of £7.7
million, and at an average discount of 12.6%.
The Board has recently increased the pace and quantum of share buybacks as the
share price discount has widened, reinforcing the Board’s commitment to
enhancing shareholder value and managing the discount proactively. From 1
August 2025 to 30 September 2025, the Company repurchased 1,665,879 shares
(representing 1.4% of issued share capital), at a total cost of £5.9 million,
at an average discount of 10.9%. The introduction of the Conditional Tender
Offer will not change the Board's current approach to discount management. The
Board is firmly committed to actively buying back the Company’s shares when
it believes this to be in shareholders’ best interests.
Performance Objective
The Board has decided to retire the Company’s existing performance objective
of exceeding UK CPI+6% on an annual basis and measured over three to five
years. This measure was introduced with the intention of providing an
ambitious target and reflecting the Company’s largely UK-based shareholder
base. However, the Board believes that a market-based comparator offers the
most appropriate and relevant benchmark for assessing long-term performance.
Management Changes
In August we announced that David Gait had resigned from Stewart Investors and
Jack Nelson had been appointed to take over from him as co-portfolio manager,
with Douglas Ledingham remaining as lead manager.
Jack is an experienced portfolio manager with over a decade of leadership in
the Stewart Investors Global Emerging Markets strategies, including lead and
co-portfolio manager roles across the All Cap and Leaders funds. He joined
Stewart Investors in 2011.
Having engaged extensively with Stewart Investors since that time, the Board
is confident that they remain sufficiently resourced, there will be no change
to the investment approach and philosophy as a result of this change and that
we will continue to receive the support and attention we expect from our
Portfolio Manager.
Stewart Investors have recruited a new member to the investment team. They
have welcomed Chris Grey, an experienced emerging markets analyst and
portfolio manager, back to their team. Having worked at Stewart Investors for
seven years previously, Chris’ investment approach aligns with Stewart
Investors’ emphasis on quality, stewardship, capital preservation,
sustainability and valuation discipline. He has therefore been able to
contribute to portfolio construction discussions from the start of his
appointment.
The Board
During the period, and as previously announced, Sian Hansen retired from the
Board and June Ang succeeded her as Chair of the Engagement and Remuneration
Committee. The Board is grateful for Sian’s considerable contribution.
The Board will soon initiate a recruitment process for a new non-executive
director as Robert Talbut approaches the end of his tenure.
The Outlook
Asia remains a region of diverse economic trajectories. China’s recovery has
been uneven, with pockets of resilience offset by persistent structural
challenges in the property and consumer sectors. While policy support has been
targeted rather than broad-based, the long-term transition toward
higher-quality growth continues with a commensurate increase in the number of
Chinese companies meeting our Portfolio Manager’s stringent assessment of
quality. This also has implications for neighbouring economies and companies
with close trade and investment ties.
India, where the Company retains a significant weighting, remains one of the
most compelling long-term stories in Asia. Although valuations in India remain
elevated and market sentiment has been affected by global risk aversion and
domestic political uncertainty, India’s macroeconomic fundamentals remain
strong, supported by robust domestic demand, infrastructure investment, and a
favourable demographic profile.
Other Asian markets are benefitting from easing monetary conditions,
particularly in Southeast Asia, where central banks have begun to cut rates.
These developments may support equity markets, though geopolitical risk,
including trade tensions and regional security concerns, remain a source of
volatility and unpredictability.
In this environment, our Portfolio Manager continues to build the portfolio
from the bottom up, focusing on companies with strong balance sheets,
experienced management teams, and sustainable business models. We believe this
approach positions the Company to deliver sustainable value over time,
particularly as market sentiment normalises and fundamentals reassert
themselves.
Andrew Impey
Chair
1 October 2025
Portfolio Manager’s Review
Performance
Over the six months to 31 July 2025, the Company’s NAV total return was
-3.7%. The comparator index used by the Company, the MSCI AC Asia ex Japan
Index (the “Index”) returned 9.5% over the same period. The Company has
therefore underperformed the Index by a significant margin in the short term.
Short-term performance and Stewart Investors’ long-term investment
philosophy
Although we inevitably feel some frustration at the Company’s short-term
relative performance, we keep in mind that our approach has proven its ability
to help preserve capital in weaker markets and thereby deliver compound
returns over the longer term. We are aware that part of the price we pay for
our insistence on investing in high-quality companies is that their returns
tend to lag broad market indices when they are rising particularly rapidly.
As such, part of the explanation for the Company’s recent underperformance
has been that Chinese equities have continued to rally sharply since bottoming
out in 2024. Over the last six months, the MSCI China and MSCI Hong Kong
indices have delivered returns of 14% and 22% respectively (in sterling
terms), with those gains being led by state-owned banks and large technology
companies. Due to their weak fundamentals and our belief that the interests of
their minority shareholders risk being overlooked, we do not believe many of
these businesses offer secure, long-term homes for the Company’s capital.
And although we continue to find interesting investment opportunities in China
and to evolve our understanding of the Chinese economy, we are not willing to
dilute our investment philosophy to pursue gains that we suspect could prove
to be ephemeral.
The second broad reason for the Company’s relative underperformance was that
a number of its holdings in India, which generated strong returns in 2024,
relinquished a portion of those gains. It has become fashionable to
characterise the shares of Indian companies as being ‘expensive’ based on
the ineloquent metric of price-to-earnings ratios. We are mindful of tempering
our optimism for the many outstanding Indian companies in which we can invest
with valuation discipline. We are less interested, however, in such short-term
judgements than we are in identifying the exciting long-term opportunities
that market corrections often present.
The final headwind was that of TSMC (Taiwan: Information Technology) which
played an outsized role in driving the Index higher. This Taiwanese
semiconductor manufacturer now accounts for more than 10% of the Index. And
although we have huge respect for TSMC’s technology and the way it has
executed on growth – and we fully understand why investors continued to be
excited by its potential – we do not feel disproportionately confident in
its prospects relative to those of many other exciting Asian companies.
Our investment philosophy has never been directed by what index providers
suggest the ‘correct’ or ‘neutral’ weighting to China, India or large
technology companies should be. Nor do we focus on the opinions of investors
whose time horizons are dramatically shorter than ours. We suspect they are
likely to underestimate the power and longevity of resilient, well-run
businesses. As the evolution of the Company’s geographical allocation over
time suggests, our investment philosophy is not, and never has been, based on
geography. It is rooted in deep, bottom-up, fundamental analysis.
That philosophy is, and will always be, the same. We seek to find
opportunities to invest the Company’s capital for the long term (a decade or
longer) and often find opportunities to do this by investing alongside
energetic founders, families and professionals. These long-term opportunities
are dispersed across different countries, different sectors, and among
companies of different sizes. Such opportunities do not simply disappear when
the market’s mood towards a particular sector or region suddenly changes. In
fact, these periods often offer attractive entry points for those with the
courage to think and invest beyond the next 12 months.
Detractors
It is important to remind ourselves that share-price movements, whether higher
or lower, over periods shorter than 12 months are usually, although not
exclusively, the product of noise rather than changes in fundamentals.
The largest detractors from the Company’s returns over the last six months
tended to be Indian companies whose valuations had become stretched, such as
Tube Investments (India: Industrials) and Triveni Turbine (India:
Industrials). Concerns over weaker corporate investment in IT resulted in
falling share prices for Tech Mahindra (India: Information Technology) and
Info Edge (India: Communication Services), which runs one of India’s leading
recruitment platforms. Despite this, we remain confident in the long-term
growth of Info Edge’s employment, matrimonial and real-estate platforms, and
in the increasing execution focus at Tech Mahindra.
Other key detractors over the last six months included Voltronic Power
(Taiwan: Industrials), whose shares weakened despite its exposure to a wave of
investment in AI data centres, to which it supplies uninterruptible power
supply units. This weakness was likely due to uncertainty over tariffs and
concerns over the aggressive competition it faces in its parallel inverter
business. Tariff fears also hit Techtronic Industries (Hong Kong:
Industrials), which makes power tools. We believe that the strength of its
balance sheet should allow it to weather the uncertainty, and perhaps even
allow it to cut prices and so win market share from its highly leveraged
competitors in the US.
Contributors
Many of the holdings making the biggest contributors to the Company’s
returns over the last six months had some link to the ongoing surge of
investment in artificial intelligence (“AI”). These included the Taiwanese
manufacturers of chip-testers and power equipment Chroma ATE (Taiwan:
Information Technology) and Delta Electronics (Taiwan: Information Technology)
as well as the South Korean internet platform Naver (South Korea:
Communication Services).
Samsung Electronics (South Korea: Information Technology) also contributed
positively to returns. The worries that had weighed on it towards the end of
2024 concerning its loss of technology leadership in the production of
high-bandwidth memory chips have begun to fade.
Other positive contributors included the retailers DFI Retail (Hong Kong:
Consumer Staples) and Sheng Siong (Singapore: Consumer Staples), as well as
Cholamandalam Financial Holdings (India: Financials), a non-banking finance
company.
Additions
We continue to find exciting opportunities across Asia, particularly among
domestic leaders capitalising on the social and economic development of their
local economies.
As the Chinese economy continues to evolve, so does our understanding of the
investment opportunities it presents. The Chinese government appears to have
reconciled itself to the need to look to the private sector to pursue its
strategic aims, such as developing the country’s capabilities in AI and
technology, defence, and improving healthcare infrastructure. We continue to
refine our understanding of the opportunities in the country as we gain
greater visibility of the level of return the government will permit to
private enterprises and developments in Chinese consumption.
One new investment has been S.F. Holding (China: Industrials), China’s
leading logistics company. It is poised to benefit from growing demand for
express delivery. The business is majority owned by Wang Wei, who founded it
back in 1993 and who remains its general manager today. He has spent 32 years
building an unparalleled network in China. In an industry like logistics,
where scale is vital and margins are thin, this network gives S.F. a critical
cost advantage. Wang Wei’s dedication to crafting an intergenerational sense
of ownership is demonstrated by the recent bequeathing of 4% of his personal
shareholding to S.F.’s employees.
Another addition to the portfolio was Trip.com (China: Consumer
Discretionary), a leader in travel booking. It survived cut-throat competition
and the shock of covid to strengthen its position in an oligopolistic market.
We believe Trip.com is well-placed to grow throughout ups and downs in the
Chinese economy thanks to its focus on more affluent customers. Its growth
also aligns with the government’s desire for Chinese citizens to spend more
as part of a rebalancing of the economy towards consumption. Its decision to
increase the number of national holidays from 11 to 13 days was a powerful
signal of intent.
We also invested in Mindray (China: Health Care), which provides life support,
patient monitoring and diagnostic systems. Mindray can grow by displacing
multinational brands in Chinese hospitals as well as by acquiring and
developing higher-end technology. It should also enjoy strong growth from
exporting affordable medical technology to emerging economies across Asia and
Africa. We are mindful that the government has previously taken steps to
protect Chinese patients from exploitative pricing, but we see these risks as
being amply reflected in Mindray’s valuation today.
The Company also made its first investment in a Chinese internet company,
Alibaba (China: Consumer Discretionary). We believe that governance risks here
have reduced substantially, as illustrated by more investor-friendly
behaviours, such as share buybacks and dividends, as well as the appointment
of a new management team guided (but not led) by founder Jack Ma. This gives
us comfort as minority shareholders. Alibaba is reinvesting cashflows from its
ecommerce platform into a fast-growing cloud business. Ecommerce is a
competitive industry in China, but we are reassured by the strength of its
balance sheet, which has around US$80 billion sitting on it1. We also
recognise the resilience of a franchise that has thrived despite fierce
competition and the foresight management has shown in investing alongside
China’s national interests in digitalisation and AI.
1 Source: Alibaba June Quarter 2025 Results
It is conventional to portray the main decision investors in Asia need to make
as being a binary choice between India and China. Our perspective is slightly
different; we are excited by long-term growth being delivered by companies
across the region as a whole. A trip to the Philippines earlier this year
highlighted some of the attractions of that unloved market. Incredibly,
valuations in some corners of the Philippine market are lower now than they
were at the time of the global financial crisis despite the attractive
long-term growth prospects of a country whose population is young, agile and
entrepreneurial. As such, we supplemented the Company’s existing investment
in Ayala (Philippines: Industrials) by taking a position in its well-run
subsidiary, Bank of the Philippine Islands (Philippines: Financials). We also
added a position in another of the country’s long-standing conglomerates, SM
Investments (Philippines: Industrials) and in its subsidiary BDO Unibank
(Philippines: Financials). These are companies which take a thoughtful
approach to capital allocation and we know them well: Stewart Investors’
earliest research analysis on Ayala dates back to 2001.
We also invested in SEA (Singapore: Communication Services). Sea began by
licensing and distributing Tencent’s games in Southeast Asia and then
invested aggressively in e-commerce. Both parts of its business grew rapidly
during the pandemic. It is now dedicating itself to a third, potentially huge
market: digital financial services. We believe there is tremendous scope for
Sea to leverage its existing place on the smartphones of consumers who have
been systematically failed by incumbent banks across southeast Asia.
Finally, we invested in Motilal Oswal Financial Services (India: Financials),
a diversified financial-services conglomerate offering stockbroking, asset and
wealth management, investment banking and housing finance. Only 6.9% of Indian
household assets are invested in equities today, but that proportion has grown
at a 37% compound annual rate since 20132. As India’s development continues,
financial planning will be critical to channel the country’s savings towards
productive economic sectors. We appreciate the decentralised operation of
Motilal’s divisions. Founder-owners Raamdeo Agarwal and Motilal Oswal treat
their franchise managers as long-term partners, whose reputations in their
local communities incentivise them to treat customers well and cultivate
long-term relationships. Even details like the choice to own rather than rent
offices signals Motilal’s commitment to helping India save and invest for
the long term.
2 Motilal FY26, 1Q earnings presentation, page 52.
Sales
Given that nobody knows how or when tariffs will be levied (or indeed,
removed), we have sought to effectively steward the Company’s capital by
reducing the level of export risk in the portfolio. As such, we exited
companies whose cashflows are disproportionately reliant on exports, such as
generic medicine company Dr Reddy’s Laboratories (India: Health Care), and
the medical research outsourcer Syngene (India: Health Care).
Concerns over weaker IT investment in the US prompted us to sell outsourcers
Tata Consulting Services (India: Information Technology) and Cyient (India:
Information Technology).
In response to signs of market exuberance towards technology stocks, it seemed
prudent to trim the Company’s exposure here over the last few months. We
also sold industrial internet-of-things company Advantech (Taiwan: Information
Technology) given its demanding valuation.
Sadly, consumer staples no longer offer the degree of defensiveness that they
once did. Even if they appear to offer growth at reasonable valuations, we
need to be cautious. Price-to-earnings ratios can fall sharply if their growth
evaporates. We were reminded of this lesson by our investments in nappy and
sanitary-pad producer Unicharm (Japan: Consumer Staples) and its subsidiary
Uni-Charm Indonesia (Indonesia: Consumer Staples). Our investment thesis here
developed as we had expected through the 2010s, when Unicharm sold an
increasing number of nappies to an aging Japanese population and began
expanding into China.
What we failed to anticipate was the structural headwinds facing Unicharm from
an increasingly pressured and price-sensitive Chinese consumer in a difficult
macroeconomic environment, who down-traded to aggressively priced domestic
brands. It was a similar story across Asia which affected many consumer
products companies, including large multinationals such as P&G and Kimberley
Clark. We have since sold our holdings in Unicharm and its Indonesian
subsidiary, as well as Tata Consumer Products (India: Consumer Staples) for
similar concerns that its cash-generation capacity has been structurally
weakened but is not yet reflected in its valuation.
Concerns that circumstantial headwinds would overpower long-term returns
motivated the sale of two of the Company’s holdings in China. The fortunes
of Hangzhou Robam (China: Consumer Discretionary), a manufacturer of oven
hoods, are closely linked to the country’s ailing construction sector, while
growth prospects for Zhejiang Supor (China: Consumer Discretionary), a
cookware manufacturer, appear to have dimmed.
Valuation considerations also led us to exit a few Indian companies where we
felt investors’ expectations, and share prices, had run ahead of a realistic
view of their long-term potential. These included diagnostic chain Dr Lal
Pathlabs (India: Health Care), the industrial-equipment provider ESAB India
(India: Industrials). We also sold the Company’s small holding in Bajaj
Housing & Finance (India: Financials) after receiving a subscale allocation at
the time of its IPO, and insurer ICICI Lombard (India: Financials), as the
Company has a greater universe of small and midcap Indian financial companies
in which it may invest.
Any concern we feel about turnover of names in the portfolio being elevated in
the short term is significantly outweighed by the risk of continuing to hold
any company where our conviction in the quality of people, franchise or
financials is anything less than robust; or, indeed, where we do not see a
path to generate a substantial return on the Company’s capital over the next
five-to-10 years. While we retain a long-term view, turnover of names and
indeed of portfolio value is a function of the dynamics of the region and
current opportunities to evolve the Company’s holdings.
Outlook
Any hope that 2025 would offer a reprieve from the volatility of recent years
proved to be short-lived. Although markets have recovered from April’s
‘Liberation Day’ tariff-induced sell-off, continuing exuberance suggests
investors are telling themselves comforting stories: that tariffs are simply a
negotiating tactic; that AI will indefinitely supercharge productivity in
every part of the economy; that cooler heads will prevail the next time
geopolitical tensions escalate.
Market exuberance towards AI has fanned investors’ belief in US
exceptionalism – a belief powerful enough to dissuade many asset allocators
from looking anywhere else. Within the US market, the supercharged profit
growth of S&P’s ‘Top 10 index’, which consists of the largest US
companies such as Nvidia and Microsoft, has masked significantly less
exuberant returns from the rest of the market. The result has been that
returns from both US and global equity market indices have become increasingly
narrow, and allocations to Asia do not reflect the richness, depth and breadth
of Asian equity markets.
For our part, we are not depending on today’s Goldilocks scenario enduring
forever. Equally, we are not so pessimistic as to assume that all AI-dependent
or export-led companies are doomed to fail. We are mindful of the social risks
within the countries where we invest, which may not be uniformly distributed.
Periods such as these are important tests of our philosophy. We understand
that our desire to create long-term value leads to us looking very different
to the Index. Our communication with clients at this time is important in
reiterating that nothing has changed regarding the outcomes we seek to
deliver, and we believe we are set up to deliver attractive, differentiated
returns going forward. We believe this is especially important at a time when
many investment companies look and behave like the relevant index.
Looking different to the index has its attractions. The price-to-cashflow
ratio of the holdings in the Company’s portfolio is 21x, below the 22x of
the Index, and significantly lower than the 27x demanded by the MSCI World
Index, despite expectations that earnings growth of the two groups of stocks
will be roughly similar through to 2027 (15% for the Company’s portfolio
versus 14% for the Index, and 14% for the MSCI World Index).
The high-quality businesses the Company invests in also have prudent balance
sheets, with an average ratio of net-debt-to-EBITDA which is negative, at
-0.4x. This means the Company’s holdings tend to have more cash and cash
equivalents than debt. We find companies who take a conservative approach to
managing their balance sheets – that are saving for a rainy day – can turn
crises into opportunities to strengthen for the long term. In today’s
geopolitical and economic circumstances, this would appear to be invaluable.
As ever, we have confidence in the future because we invest alongside
high-quality long-term owners and management teams. Such people tend to
prepare for worst-case scenarios and construct businesses that tend to
strengthen rather than shatter at times of stress. These stewards are building
businesses that will be good homes for the Company’s capital for the next
decade, whatever it may bring.
Stewart Investors
Portfolio Manager
1 October 2025
Contribution by Investment
Contribution by investment for the six months ended 31 July 2025
Top 10 contributors to and detractors from absolute performance (%)
Top 10 Contributors
Samsung Electronics 0.8
DFI Retail 0.7
Cholamandalam Financial 0.5
Sheng Siong 0.4
Delta Electronics 0.3
Chroma ATE 0.2
HDFC Bank 0.1
Shanthi Gears 0.1
NAVER 0.1
Motilal Oswal Financial Services 0.1
Bottom 10 Detractors
Tech Mahindra -0.2
Philippine Seven -0.2
Hoya -0.3
MediaTek -0.3
Taiwan Semiconductor Manufacturing -0.3
Triveni Turbine -0.4
Info Edge India -0.4
Techtronic Industries -0.4
Tube Investments of India -0.6
Voltronic Power Technology -1.1
Portfolio Valuation
as at 31 July 2025
Val’n % Total
Company Country Sector £’000 Assets
Mahindra & Mahindra India Consumer Discretionary 25,565 5.4%
Cholamandalam Financial Holdings India Financials 18,660 4.0%
Ayala Philippines Industrials 17,580 3.7%
Samsung Electronics South Korea Information Technology 15,088 3.2%
Oversea-Chinese Banking Corporation Singapore Financials 14,293 3.0%
Philippine Seven Philippines Consumer Staples 13,129 2.8%
Tube Investments of India India Consumer Discretionary 12,887 2.7%
Voltronic Power Technology Taiwan Industrials 12,303 2.6%
DFI Retail Group Hong Kong Consumer Staples 12,178 2.6%
S.F. Holding China Industrials 12,149 2.6%
Top 10 Investments 153,832 32.6%
Hoya Japan Health Care 11,166 2.4%
Airtac International Taiwan Industrials 10,681 2.3%
ELGI Equipments India Industrials 10,642 2.3%
Shanthi Gears India Industrials 10,548 2.2%
Alibaba China Consumer Discretionary 10,214 2.2%
Techtronic Industries Hong Kong Industrials 10,184 2.2%
Info Edge India India Communication Services 9,709 2.1%
Shenzhen Inovance Technology China Industrials 9,704 2.1%
Trip.com China Consumer Discretionary 9,584 2.0%
CG Power & Industrial Solutions India Industrials 9,560 2.0%
Top 20 Investments 255,824 54.4%
Triveni Turbine India Industrials 9,471 2.0%
Midea Group China Consumer Discretionary 9,442 2.0%
NAVER South Korea Communication Services 9,235 2.0%
Sheng Siong Singapore Consumer Staples 9,209 2.0%
Bank OCBC Indonesia Financials 9,142 1.9%
Taiwan Semiconductor Manufacturing Taiwan Information Technology 7,606 1.6%
HDFC India Financials 7,599 1.6%
Delta Electronics Taiwan Information Technology 7,492 1.6%
Dongyuan Yiheda Automation China Industrials 6,897 1.5%
Selamat Sempurna Indonesia Consumer Discretionary 6,714 1.4%
Top 30 Investments 338,631 72.0%
Tata Communications India Communication Services 5,818 1.2%
Shenzhen Mindray Bio-Medic China Health Care 5,730 1.2%
Motilal Oswal Financial Services India Financials 5,497 1.2%
Bajaj Auto India Consumer Discretionary 5,480 1.2%
Vitrox Malaysia Information Technology 5,424 1.2%
SEA Singapore Communication Services 5,361 1.1%
Chroma ATE Taiwan Information Technology 5,294 1.1%
Marico India Consumer Staples 5,215 1.1%
Vitasoy International Hong Kong Consumer Staples 5,097 1.1%
Mani Japan Health Care 5,060 1.1%
Top 40 Investments 392,607 83.5%
Kasikornbank Thailand Financials 5,042 1.1%
Tech Mahindra India Information Technology 4,919 1.0%
Glodon China Information Technology 4,784 1.0%
Godrej Consumer Products India Consumer Staples 4,557 1.0%
SM Investments Philippines Industrials 4,451 1.0%
Humanica Thailand Industrials 4,394 0.9%
Aavas Financiers India Financials 4,211 0.9%
Sundaram Finance India Financials 3,899 0.8%
Bajaj Holdings & Investment India Financials 3,768 0.8%
Dabur India India Consumer Staples 3,583 0.8%
Top 50 Investments 436,215 92.8%
Samsung Biologics South Korea Health Care 3,532 0.8%
Silergy Taiwan Information Technology 3,522 0.8%
BDO Unibank Philippines Financials 3,281 0.7%
Blue Dart Express India Industrials 2,816 0.6%
Tarsons Products India Health Care 2,735 0.6%
Kalbe Farma Indonesia Health Care 2,698 0.5%
MediaTek Taiwan Information Technology 2,567 0.5%
Tokyo Electron Japan Information Technology 2,552 0.5%
Industri Jamu dan Farmasi Sido Muncul Indonesia Consumer Staples 2,531 0.5%
Bank of the Philippine Islands Philippines Financials 2,446 0.5%
Marico Bangladesh Bangladesh Consumer Staples 2,041 0.4%
Yifeng Pharmacy China Consumer Staples 2,016 0.4%
Centre Testing International China Industrials 1,956 0.4%
Total Investments 470,908 100.0%
Income Statement
for the six months ended 31 July 2025
(Unaudited) (Unaudited)
Six months ended Six months ended
31 July 2025 31 July 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
(Losses)/gains on investments – (23,123) (23,123) – 56,740 56,740
Exchange differences on currency balances – (367) (367) – (181) (181)
Investment Income 6,684 – 6,684 6,771 – 6,771
Portfolio Management and AIFM fees (note 2) (553) (1,660) (2,213) (596) (1,789) (2,385)
Other expenses (518) – (518) (364) – (364)
Return /(loss) before taxation 5,613 (25,150) (19,537) 5,811 54,770 60,581
Finance costs – – – – – –
Return/(loss) before taxation 5,613 (25,150) (19,537) 5,811 54,770 60,581
Taxation (845) 551 (294) (860) (9,555) (10,415)
Return/(loss) after taxation 4,768 (24,599) (19,831) 4,951 45,215 50,166
Return/(loss) per ordinary share (note 3) 4.0p (20.7)p (16.7)p 4.1p 37.4p 41.5p
The Total column of this statement represents the Company’s Income
Statement.
The Revenue and Capital columns are supplementary to this and are both
prepared under guidance published by the Association of Investment Companies
(“AIC”).
All revenue and capital items in the Income Statement derive from continuing
operations.
The Company had no recognised gains or losses other than those declared in the
Income Statement.
All of the return and total comprehensive income for the period is
attributable to the shareholders of the Company.
Statement of Changes in Equity
for the six months ended 31 July 2025
Note Ordinary Share Capital £’000 Share premium £’000 Capital Redemption reserve £’000 Special reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000
At 31 January 2025 15,074 8,811 1,694 14,572 452,166 11,124 503,441
(Loss)/return after taxation – – – – (24,599) 4,768 (19,831)
Repurchase of own shares for cancellation (284) – 284 – (7,799) – (7,799)
Ordinary dividends paid 4 – – – – – (5,805) (5,805)
At 31 July 2025 14,790 8,811 1,978 14,572 419,768 10,087 470,006
At 31 January 2024 15,120 8,811 1,648 14,572 415,270 9,398 464,819
Return after taxation – – – – 45,215 4,951 50,166
Ordinary dividends paid 4 – – – – – (4,838) (4,838)
At 31 July 2024 15,120 8,811 1,648 14,572 460,485 9,511 510,147
Statement of Financial Position
as at 31 July 2025
(Unaudited) (Audited)
As at As at
31 July 31 January
2025 2025
£’000 £’000
Fixed assets
Investments (note 5) 470,908 510,203
Current assets
Debtors 1,107 1,252
Cash and cash equivalents 10,044 8,028
11,151 9,280
Creditors (amounts falling due within one year) (1,438) (2,397)
Net current assets 9,713 6,883
Non-current liabilities
Provisions (note 6) (10,615) (13,645)
Net assets 470,006 503,441
Capital and reserves
Share capital 14,790 15,074
Share premium account 8,811 8,811
Capital redemption reserve 1,978 1,694
Special reserve 14,572 14,572
Capital reserve 419,768 452,166
Revenue reserve 10,087 11,124
Shareholders’ funds 470,006 503,441
Net asset value per ordinary share (note 7) 397.2p 417.5p
Notes to the Financial Statements
1. Basis of preparation
The condensed financial statements for the six months to 31 July 2025 comprise
the statements set out above including the related notes below. They have been
prepared in accordance with FRS 104 ‘Interim Financial Reporting’ and the
principles of the AIC’s Statement of Recommended Practice published in July
2022, using the same accounting policies as set out in the Company’s Annual
Report and Financial Statements for the year ended 31 January 2025.
Going Concern
The Board has considered a detailed assessment of the Company’s ability to
meets its liabilities as they fall due, including modelling the effects of
substantial falls in markets and significant reductions in market liquidity on
the Company’s assets and liabilities. In light of the results of these
tests, the Company’s cash balances, the liquidity of the Company’s
investments and the absence of any gearing, the Directors are satisfied that
the Company has adequate financial resources to continue in operation for at
least the next 12 months from the date of approval of these financial
statements and that, accordingly, it is appropriate to adopt the going concern
basis in preparing these financial statements.
Fair value
Under FRS 102 and FRS 104 investments have been classified using the following
fair value hierarchy: Level 1 – Quoted prices in active markets.
Level 2 – Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data), either directly or indirectly.
Level 3 – Inputs are unobservable (i.e. for which market data is
unavailable).
All of the Company’s investments fall into Level 1 for the periods reported.
2. Portfolio Management and AIFM fees*
(Unaudited) Six months ended 31 July 2025 (Unaudited) Six months ended 31 July 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Portfolio management fee – Stewart Investors 490 1,469 1,959 529 1,588 2,117
AIFM fee – Frostrow 63 191 254 67 201 268
553 1,660 2,213 596 1,789 2,385
* Please refer to the most recent annual report for more details of the
management fee structure.
3. Return per ordinary share
The total loss per ordinary share is based on the return attributable to
shareholders of £19,831,000 (six months ended 31 July 2024: return of
£50,166,000) and on 119,072,153 shares (six months ended 31 July 2024:
120,958,386 shares), being the weighted average number of shares in issue.
The revenue return per ordinary share is calculated by dividing the revenue
return attributable to shareholders of £4,768,000 (six months ended 31 July
2024: £4,951,000) by the weighted average number of shares in issue as above.
The capital loss per ordinary share is calculated by dividing the capital loss
attributable to shareholders of £24,599,000 (six months ended 31 July 2024:
return of £45,215,000) by the weighted average number of shares in issue as
above.
4. Dividends
(Unaudited) (Unaudited)
Six months Six months
ended ended
31 July 31 July
2025 2024
Amounts recognised as distributions in the period:
2025: final dividend of 4.9p (2024: final dividend of 4.0p) 5,805 4,838
5. Investments
Six months to Year to
31 July 31 July 31 January
2025 2024 2025
Investments
Cost at start of period 372,632 352,944 352,944
Investment holding gains at start of period 137,571 117,165 117,165
Valuation at start of period 510,203 470,109 470,109
Purchases at cost 97,720 55,677 123,228
Disposal proceeds (113,892) (77,924) (133,123)
(Losses)/gains on investments (23,123) 56,740 49,989
Valuation at end of period 470,908 504,602 510,203
Cost at end of period 378,183 353,193 372,632
Investment holdings gains at end of period 92,725 151,409 137,571
Valuation at end of period 470,908 504,602 510,203
The Company received £113,892,000 (period to 31 July 2024: £ 77,924,000;
year to 31 January 2025: £133,123,000) from investments sold in the period.
The book cost of these investments when they were purchased was £92,169,000
(period to 31 July 2024: £55,428,000; year to 31 January 2025:
£103,540,000). These investments have been revalued over time and until they
were sold any unrealised gains/losses were included in the fair value of the
investments.
During the period the Company incurred transaction costs on purchases of
£118,000 (period to 31 July 2024: £66,000; year to 31 January 2025:
£155,000) and transaction costs on sales of £258,000 (period to 31 July
2024: £127,000; year to 31 January 2025: £263,000).
6. Provision
As an investment trust, the Company is generally not subject to UK tax on
capital gains. However, Indian capital gains tax arises on capital gains on
the sale of Indian securities at a rate of 20% on short-term capital gains
(defined as those where the security was held for less than a year) and 12.5%
on long-term capital gains.
The provision at 31 July 2025 of £10,615,000 (31 January 2025: £13,645,000)
relates to the potential deferred tax liability for Indian capital gains tax
that may arise on the Company’s Indian investments should they be sold in
the future. The provision is calculated on the net unrealised taxable capital
gain at the period end and on the enacted Indian long-term capital gains tax
rate. The amount of any future tax amounts payable may differ from this
provision, depending on the value and timing of any future sales of such
investments and future Indian tax rates.
The capital tax charge shown in the Income Statement results primarily from
the movements on this provision.
7. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable
to shareholders of £470,006,000 (31 January 2025: £503,441,000) and on
118,318,386 shares in issue (31 January 2025: 120,558,386).
8. 2025 accounts
These are not statutory accounts in terms of Section 434 of the Companies Act
2006 and are unaudited. Statutory accounts for the year to 31 January 2025,
which received an unqualified audit report, have been lodged with the
Registrar of Companies. No statutory accounts in respect of any period after
31 January 2025 have been reported on by an auditor or delivered to the
Registrar of Companies.
Earnings for the first six months should not be taken as a guide to the
results for the full year.
Interim Management Report
Principal Risks and Uncertainties
The Company’s principal area of risk relates to its investment activity and
strategy, including currency risk in respect of the markets in which it
invests. Other risks faced by the Company include financial, strategic and
operational risks. These risks and the way in which they are managed are
described in more detail under the heading Risk Management within the
Strategic Report in the Company’s Annual Report for the year ended 31
January 2025. The Company’s principal risks and uncertainties have not
changed materially since the date of that report and are not currently
expected to change materially for the remaining six months of the Company’s
financial year.
The Board, the AIFM and the Portfolio Manager discuss and identify emerging
risks as part of the risk identification process and have considered, amongst
other things, the development of artificial intelligence, increasing water
scarcity, the continued rise of ‘post-truth’ politics, and heightened
geopolitical tensions and assertive state behaviour on the Company’s
performance.
Related Party Transactions
During the first six months of the current financial year no material
transactions with related parties have taken place which have affected the
financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company’s investment objective,
risk management policies, capital management policies and procedures, and the
nature of the portfolio (including its liquidity) and its expenditure
projections, that the Company has adequate resources, an appropriate financial
structure and suitable management arrangements in place to continue in
operational existence for the foreseeable future. In addition, there are no
material uncertainties pertaining to the Company that would prevent its
continued operational existence for at least 12 months from the date of the
approval of this half-yearly report. For these reasons, the Directors consider
it appropriate to continue to adopt the going concern basis in preparing the
financial statements.
Directors’ Responsibilities
The Board confirms that, to the best of the Directors’ knowledge:
(i) the condensed set of financial statements contained within the
Half Year Report has been prepared in accordance with Financial Reporting
Standard 104 (Interim Financial Reporting); and
(ii) the Half Year Report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
This Half Year Report has not been audited or reviewed by an auditor.
This Half Year Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
For and on behalf of the Board
Andrew Impey
Chair
1 October 2025
Glossary of Terms
AIFMD
The Alternative Investment Fund Managers Directive (the “Directive”) is a
European Union Directive that entered into force on 22 July 2013. The
Directive, which was retained in UK law following the withdrawal of the UK
from the European Union, regulates fund managers that manage alternative
investment funds (including investment trusts).
Where an entity falls within the scope of the Directive, it must appoint a
single Alternative Investment Fund Manager (“AIFM”). The core functions of
an AIFM are portfolio and risk management. An AIFM can delegate one but not
both of these functions. The entity must also appoint an independent
depositary whose duties include the following: the safeguarding and
verification of ownership of assets; the monitoring of cashflows; and ensuring
that appropriate valuations are applied to the entity’s assets.
Alternative Performance Measures (“APMs”)
Measures that are not specifically defined under International Financial
Reporting Standards, but which the Board of Directors views as particularly
relevant for investment trust companies and which it uses to assess the
Company’s performance. Definitions of the terms used and the basis of
calculation are set out in this Glossary and the APMs are indicated with a
caret (^).
Average Discount^
The average share price for the period divided by the average net asset value
for the period and expressed as a percentage (%).
Six months to 31 July 2025 Six months to 31 July 2024 Year to 31 January 2025
Average Discount pence pence pence
Average share price for the period 341.1 366.9 369.1
Average net asset value for the period 388.3 409.5 417.3
Average Discount 12.2% 10.4% 11.5%
Bottom Up Approach
An investment approach that focuses on the analysis of individual stocks
rather than the significance of macroeconomic factors.
Net Asset Value (“NAV”) Per Share
The value of the Company’s assets, principally investments made in other
companies and cash held in the Company’s bank accounts, minus any
liabilities and divided by the number of shares in issue. The net asset value
is often expressed in pence per share and it may also be described as
‘shareholders’ funds’ per share. The net asset value per share is
unlikely to be the same as the share price, which is the price at which the
Company’s shares can be bought or sold by an investor. The share price is
determined by the relationship between the demand for and supply of the
shares.
NAV Per Share Total Return^
The theoretical total return on shareholders’ funds per share, reflecting
the change in net asset value, assuming that dividends paid to shareholders
were reinvested at net asset value at the time the shares were quoted
ex-dividend. A way of measuring investment management performance of
investment trusts which is not affected by movements in the share price.
Six months to 31 July Six months to 31 July Year to 31 January
2025 2024 2025
NAV Total Return pence pence pence
Opening NAV per share 417.5 384.3 384.3
(Decrease)/Increase in NAV (15.4) 41.5 37.2
Dividend paid (4.9) (4.0) (4.0)
Closing NAV 397.2 421.8 417.5
(Decrease)/Increase in NAV (3.7)% 10.8% 9.7%
Impact of reinvested dividends 0.0% 0.0% 0.0%
NAV Per Share
Total Return (3.7)% 10.8% 9.7%
Ongoing Charges^
Ongoing charges are calculated by taking the Company’s annualised operating
expenses excluding finance costs, taxation and exceptional items, and
expressing them as a percentage of the average daily net asset value of the
Company over the period. The costs of buying and selling investments are
excluded, as are interest costs, taxation, costs of buying back or issuing
shares and other non-recurring costs. These items are excluded because if
included, they could distort the understanding of the Company’s performance
for the period and the comparability between periods.
Six months to Six months to Year to
31 July 2025 31 July 2024 31 January 2025
Ongoing Charges £’000 £’000 £’000
Total Operating Expenses 2,731 2,749 5,708
Average Net Assets 462,330 495,059 504,629
Ongoing Charges 1.2%* 1.1%* 1.1%
* Annualised.
Performance Objective
The Company’s performance objective until 30 September 2025 was to provide
shareholders with a net asset value per share total return in excess of the UK
Consumer Price Index (“CPI”) plus 6 per cent. (calculated on an annual
basis) measured over three to five years. The Board has decided to retire the
performance objective and will no longer be reporting against this measure in
the future. Further details are included in the Chairman’s Statement.
Performance Objective Company NAV Per Share Total Return (annualised) (%) CPI + 6% (annualised) (%)
One year to 31 July 2025 (4.6)% 10.9%
Three years to 31 July 2025 3.2% 10.9%
Five years to 31 July 2025 7.7% 11.6%
Ten years to 31 July 2025 8.3% 9.8%
Share Price Discount (or Premium) to the NAV Per Share^
A description of the difference between the share price and the net asset
value per share. The size of the discount or premium is calculated by
subtracting the share price from the net asset value per share and is usually
expressed as a percentage (%) of the net asset value per share. If the share
price is higher than the net asset value per share, the result is a premium.
If the share price is lower than the net asset value per share, the shares are
trading at a discount.
Share Price Total Return^
Share price total return to a shareholder, on a last traded price to a last
traded price basis, assuming that all dividends received were reinvested,
without transaction costs, into the shares of the Company at the time the
shares were quoted ex-dividend.
Six months to Six months to Year to
Share Price Total 31 July 2025 31 July 2024 31 January 2025
Return pence pence pence
Opening share price 358.0 349.0 349.0
Increase in share price 0.9 41.0 13.0
Dividend paid (4.9) (4.0) (4.0)
Closing share price 354.0 386.0 358.0
Increase in share price 0.3% 11.8% 3.7%
Impact of reinvested dividends 0.0% 0.0% 0.0%
Share Price Total Return 0.3% 11.8% 3.7%
Volatility
A measure of the range of possible returns for a given security or market
index.
A copy of the Half Year Report has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Half Year Report will also shortly be available on the Company's website
at www.pacific-assets.com where up to date information on the Company,
including NAVs, share prices and fact sheets, can also be found.
ENDS
For further information please contact:
Frostrow Capital LLP
Company Secretary
020 3709 8734
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into or forms part of this announcement.
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